Audit of the Inventory and Warehousing Cycle库存和仓储周期审计(英文版).pptx

《Audit of the Inventory and Warehousing Cycle库存和仓储周期审计(英文版).pptx》由会员上传分享，免费在线阅读，更多相关内容在PPT专区-天天文库。

AuditoftheInventoryandWarehousingCycleChapter16 LearningObjective1Identifythebusinessfunctionsandtherelateddocumentsandrecordsintheinventoryandwarehousingcycle. FunctionsintheInventoryandWarehousingCycleProcesspurchaseordersStorerawmaterialsProcessthegoodsReceiverawmaterials FunctionsintheInventoryandWarehousingCycleStorefinishedgoodsShipfinishedgoods LearningObjective2Describehowe-commerceaffectsinventorymanagement. HowE-CommerceAffectsInventoryManagementTheInternetenablesclientstoprovideexpandeddescriptionsoftheirinventoryonareal-timebasis.TheuseoftheInternetandothere-commerceapplicationsmayleadtofinancialreportingrisksifaccesstoinventorydatabasesandsystemsisnotadequatelycontrolled. LearningObjective3Explainthefivepartsoftheauditoftheinventoryandwarehousecycle. AuditofInventoryInternallytransferassetsandcosts.Acquireandrecordrawmaterials,labor,andoverhead.PartofauditCycleinwhichtestedAcquisitionandpaymentpluspayrollandpersonnelInventoryandwarehousing AuditofInventoryPhysicallyobserveinventory.Priceandcompileinventory.CycleinwhichtestedShipgoodsandrecordrevenueandcosts.PartofauditSalesandcollectionInventoryandwarehousingInventoryandwarehousing LearningObjective4Designandperformaudittestsofcostaccounting. CostAccountingControls2.Controlsovertherelatedcosts1.PhysicalControlsRawmaterialsWIPFinishedgoodsover TestsofCostAccountingPhysicalControlsDocumentsandrecordsfortransferringinventoryPerpetualinventorymasterfilesUnitcostrecords LearningObjective5Applyanalyticalprocedurestotheaccountsintheinventoryandwarehousingcycle. AnalyticalProceduresforManufacturingEquipmentAnalyticalProcedurePossibleMisstatementComparegrossmarginOverstatementorpercentagewiththatofunderstatementofpreviousyears.inventoryandcostofgoodssoldCompareinventoryturnoverObsoleteinventory(costofgoodssolddividedOverstatementorbyaverageinventory)withunderstatementofthatofpreviousyears.inventory AnalyticalProceduresforManufacturingEquipmentAnalyticalProcedurePossibleMisstatementCompareunitcostsofOverstatementorinventorywiththoseofunderstatementofpreviousyears.unitcostsCompareextendedMisstatementsininventoryvaluewiththatcompilation,unitofpreviousyears.costs,orextensions AnalyticalProceduresforManufacturingEquipmentAnalyticalProcedurePossibleMisstatementComparecurrentyearMisstatementofunitmanufacturingcostswithcostsofinventory,thoseofpreviousyearsespeciallydirect(variablecostsshouldbelaborandadjustedforchangesinmanufacturingvolume).overhead MethodologyforDesigningTestsofDetailsofBalancesIdentifyclientbusinessrisksaffectingtheinventoryandwarehousingcycles.Settolerablemisstatementandassessinherentriskfortheinventoryandwarehousingcycles.Assesscontrolriskforseveralcycles. MethodologyforDesigningTestsofDetailsofBalancesDesignandperformtestsofcontrolsandsubstantivetestsoftransactionsfortheseveralcycles.Designandperformanalyticalproceduresfortheinventoryandwarehousingcycle. MethodologyforDesigningTestsofDetailsofBalancesDesigntestsofdetailsofinventorytosatisfybalance-relatedauditobjectives.AuditproceduresSamplesizeItemstoselectTiming LearningObjective6Designandperformphysicalobservationaudittestsforinventory. ControlsProperinstructionsforthephysicalcountSupervisionbyresponsiblepersonnelIndependentintervalverificationofthecountsIndependentreconciliationsofthephysicalcountswithperpetualinventorymasterfilesAdequatecontrolovercountsheetsortags SelectionofitemsSamplesizeTimingAuditDecisions PhysicalObservationTestsThemostimportantpartoftheobservationofinventoryisdeterminingwhetherthephysicalcountisbeingtakeninaccordancewiththeclient’sinstructions. Balance-RelatedObjectives:PhysicalInventoryObservationExistenceCompletenessAccuracyInventoryasrecordedontagsexist.Existinginventoryiscountedandtagged.Inventoryiscountedaccurately. ClassificationCutoffInventoryisclassifiedcorrectlyonthetags.Transactionsarerecordedintheproperperiod.Balance-RelatedObjectives:PhysicalInventoryObservation Balance-RelatedObjectives:PhysicalInventoryObservationRightsTheclienthasrightstoinventoryrecordedontagsRealizableValueObsoleteandunusableinventoryitemsareexcludedornoted. LearningObjective7Designandperformaudittestsofpricingandcompilationforinventory. AuditofPricingandCompilationInventorycompilationtestsInventorypricetests ValuationofinventoryPricingandcompilationproceduresPricingandcompilationcontrolsAuditofPricingandCompilation Balance-RelatedObjectives:InventoryPricingandCompilationDetailtie-inExistenceCompletenessAccuracy Balance-RelatedObjectives:InventoryPricingandCompilationClassificationRealizablevalueRightsPresentationanddisclosure Valuation(Pricing)ofInventoryPricingPurchasedInventoryPricingManufacturedInventoryCostorMarket LearningObjective8Integratethevariouspartsoftheauditoftheinventoryandwarehousingcycle. InterrelationshipofVariousAuditTestsTestsofacquisitionandpaymentcycleRawmaterialsAcquisitionsofrawmaterialsWorkinprocessOthermanufacturingoverhead InterrelationshipofVariousAuditTestsTestsofpayrollandpersonnelcycleWorkinprocessDirectlaborWorkinprocessIndirectlabor InterrelationshipofVariousAuditTestsInventorytestsRawmaterialsEndinginventoryWorkinprocessEndinginventoryFinishedgoodsEndinginventory InterrelationshipofVariousAuditTestsTestsofsalesandcollectioncycleFinishedgoodsCostofgoodssold IntegrationoftheTestsAcquisitionandpaymentcyclePayrollandpersonnelcycleSalesandcollectioncycleCostaccountingPhysicalinventory,pricing,andcompilation EndofChapter16